INR nears record low after breaking above 84 per US dollar mark

Indian Rupee slipped today, breaking above 84 per US dollar mark and falling near record low amid a sharp bounce in Crude oil prices globally. A sustained uptick in the US dollar also weighed on local currency. The US dollar index hovers around a two month high on sustained strength in US benchmark treasury yields. A surge in US jobless claims reinforced expectations of a rate cut but slightly higher than expected inflation data reduced possibility of an aggressive stance. US inflation also remained elevated. US Consumer Price Index (CPI) for September rose by 2.4% on year. Core CPI increased by 3.3% annually, surpassing forecasts and August's 3.2%. A choppy undertone in local equity indices also impacted INR and it currently hovers at 84.05 per US dollar, down 7 paise on the day.

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